Kartoon Studios, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, net

Property and Equipment, net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

The Company has property and equipment as follows (in thousands):


	As of
	March 31, 2024		December 31, 2023
Furniture and Equipment	$	117	$	117
Computer Equipment	224		219
Leasehold Improvements	2,209		2,200
Software	218		192

Property and Equipment, gross	2,768		2,728

Less Accumulated Depreciation	(823)		(724)
Foreign Currency Translation Adjustment	(165)		(127)
Property and Equipment, net	$	1,780	$	1,877

During the three months ended March 31, 2024 and 2023, the Company recorded depreciation expense of $0.1 million for both respective periods.

The Company did not incur any impairment charges on its property and equipment during the three months ended March 31, 2024.

During the three months ended March 31, 2023, due to changes in the Company's estimated undiscounted future cash flows, a reassessment of its long-lived assets was performed. As a result, the carrying value of one of the Company's asset group’s property and equipment assets were written down to zero and an Impairment of Property and Equipment of $0.1 million was recorded within Operating Expenses in the condensed consolidated statement of operations.